US inflation hits fresh 40 year high of 7.9%

Driven by rising fuel costs

Inflation in the US hit an expected 7.9% in February, the highest level since January 1982.

The increase came mainly from energy, with the rise in fuel prices accounting for almost a third of the increase. The Bureau of Labor Statistics said the energy index rose 25.6% over the last year and the food index increased 7.9%, the largest 12-month increase July 1981. "The gasoline index rose sharply in February, increasing 6.6 percent after falling 0.8 percent in January," it added. President Joe Biden said on Tuesday that the price of fuel in the US is "going to go up" and acknowledged he "can't do much right now" due to the Russian invasion of Ukraine. The BLS also noted tha...